OPEC. A collective of countries founded in 1960 that choose to collaborate in...
n: an organization of the countries of the Middle East, Southeast Asia, Africa, and South America that produce oil and export it. Update - members as of 1997 are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. The organization's purpose is to negotiate and regulate production and oil prices.
An international of countries formed in 1961 to agree on a common policy for the sale of petroleum. OPEC has 11 members—Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. Two countries joined OPEC and later ended their membership in the organization: Ecuador joined in 1973 and left in 1992, and Gabon became a member in 1975 and terminated its membership in 1995. OPEC united behind an Arab boycott and cut off oil sales to the West in 1973. This greatly increased the cost of oil and caused consternation throughout the industrial world.
A cartel of oil-producing nations founded at Baghdad in 1960 by Iran, Iraq, Kuwait, Libya, Saudi Arabia, and Venezuela. The cartel was joined subsequently by Qatar (1961), Indonesia (1962), United Arab Emirates (Abu Dhabi in 1967, with the other emirates admitted in 1974). Algeria (1969), Nigeria (1971), Ecuador (1973) and Gabon (1973 as an associate, becoming a full member in 1975).
A cartel of oil-producing countries.
A cartel of oil exporting countries mostly from the Middle East but also including oil exporting countries in Africa and South America. OPEC provides a common oil policy for its member nations.
A producer cartel that produces and sells oil.
An international oil cartel formed in 1960. Members today include: Saudi Arabia, Iran, Iraq, Kuwait, Qatar, Abu Dhabi, Algeria, Gabon Libya, Nigeria, Indonesia, and Venezuela.
A group of countries that includes many, but not all, of the largest exporters of oil. Its major purpose is to regulate the supply of petroleum and thereby to stabilize (often raise) its price. The international oil cartel. As of July 2002, it had 11 member countries.
(OPEC) an international group of oil producing countries, dominated by Arab countries in the Middle East, which regulates prices. They doubled the price of oil in 1974 after the Arab-Israeli war of 1973. This caused inflation and an economic crisis in the oil-dependent west.
A group of nations that produce most of the worlds oil and control most of the worlds oil exports.
cartel agreement to co-ordinate production and prices among major world oil exporting countries. Français: Organisation des Pays Producteurs de Pétrole (OPEC) Español: Organización de Países Exportadores de Petróleo (OPEP)
This cartel of oil-producing nations in Asia, Africa, and Latin America gained substantial power over the world economy in the mid- to late 1970s by controlling the production and price of oil.
